Person 1 has a Simple IRA established by his employer using Form 5305-SIMPLE. The institution/employer does not allow the Simple to be held at a different custodian. Person 1 is still working at the employer.
Can Person 1 rollover their Simple IRA to a Traditional IRA (at a different custodian) via a tax-free, trustee-to-trustee direct transfer and leave the Simple IRA open for future contributions? Ultimately, they want the funds at a different institution but still be able to participate in the Simple IRA plan.